WILMINGTON, DE / ACCESSWIRE / November 3, 2022 / In 2021, the Asia Pacific automated guided vehicle (AGV) market was worth US$ 2.13 Bn. The market is expected to progress at 13.11% CAGR during the forecast period, from 2022 to 2031.The Asia Pacific automated guided vehicle (AGV) market is likely to attain valuation of US$ 7.96 Bn by 2031. This study analyses both advantages & disadvantages of automated guided vehicles to arrive at forecasted values. Since more AGV manufacturers are adopting Industry 4.0 and are placing a greater emphasis on enhancing workplace safety, it is anticipated that the Asia Pacific automated guided vehicle (AGV) market will expand rapidly during the projected timeframe.
The Asia Pacific automated guided vehicle (AGV) market is expected to be driven by increasing demand for AGVs in material handling to boost productivity. Leading automated guided vehicle manufacturers are investigating the benefits and drawbacks of automated guided vehicles to identify prospective business possibilities. The introduction of highly advanced, different types of automated guided vehicle products is expected to assist manufacturers in the Asia Pacific automated guided vehicle (AGV) market take advantage of new growth prospects.
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Key Findings of Market Report
- There has been an increase in automation in industrial operations. Since the past several years, there has been an increase in demand for various kinds of automated guided vehicles. It is becoming more common to employ automated guided vehicle (AGV) software for steering, transport management, and traffic management. In the upcoming years, the market is anticipated to grow as more automated material handling activities are used due to technological breakthroughs like machine learning and big data.
- Labor expenses can be cut down by using autonomous guided vehicles. A significant amount of the operational expenses of trucking companies is related to fuel prices. These expenses are ultimately passed on to consumers by companies. Automation can reduce fuel usage by around 10% in the transportation and logistics business, which is expected to raise its demand.
- Automated guided vehicle implementation has increased in the automotive and logistics sectors in an effort to boost production capacity, which is one of the recent developments in the automated guided vehicles. Use of industrial AGVs and automation projects in the automobile industry has increased, which is likely to increase demand for automated guided vehicles.
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Asia Pacific Automated Guided Vehicle (AGV) Market: Growth Drivers
- Based on type, the automated guided carts (AGCs) category had a substantial share of the market in 2021, accounting for 22.30% of it. It is considered the fastest growing market for automated guided vehicles. The most effective technique to automate a facility with autonomous material transport is by using an automated guided cart. It is suitable for assembly line operations and transportation. AGCs are capable of using a variety of navigational methods.
- The magnetic guidance category represented a significant proportion of the Asia Pacific market in 2021, accounting for 24.82% of the overall market. Automatic guided carts typically favour magnetic guidance or navigation. It works well for clearly defined routes. Installing and changing magnetic guiding technology is quite simple.
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Asia Pacific Automated Guided Vehicle (AGV) Market: Key Players
Some of the key market players are
- Aichi Machine Industry Co., Ltd.
- Egemin Automation Inc.
- Oceaneering International, Inc.
- DAIFUKU GROUP
- System Logistics S.p.A.
- JBT Corporation
Asia Pacific Automated Guided Vehicle (AGV) Market: Segmentation
Type
- Forklift Vehicles
- Assembly Line Vehicles
- Automatic Guided Carts (AGCs)
- Towing Vehicles
- Unit Load Carriers
- Pallet Trucks
- Autonomous Mobile Robots
- Others
Technology
- Laser Guidance
- Vision Guidance
- Magnetic Guidance
- Inductive Guidance
- Optical Tape Guidance
- Others
End Use
- Retail/Wholesale
- Food/Pharma
- Transport/Logistics
- Manufacturing
- Automotive
- Ports/Terminals
- Mining & Construction
- Chemical/Energy
- Forestry/Wood
- Others
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